Devon Energy (NYSE:DVN) Stock Price Up 0.8% – Here’s What Happened

Devon Energy Co. (NYSE:DVN)’s stock price rose 0.8% during trading on Wednesday . The stock traded as high as $31.28 and last traded at $31.24. Approximately 5,806,566 shares were traded during mid-day trading, a decline of 25% from the average daily volume of 7,789,264 shares. The stock had previously closed at $30.98.

Analyst Upgrades and Downgrades

DVN has been the subject of several analyst reports. Piper Sandler dropped their target price on shares of Devon Energy from $57.00 to $53.00 and set an “overweight” rating for the company in a research report on Tuesday, December 17th. BMO Capital Markets lowered their price objective on shares of Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a research report on Friday, October 4th. Wells Fargo & Company lowered their price objective on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a research report on Tuesday, December 17th. Morgan Stanley lowered their price objective on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a research report on Monday, September 16th. Finally, Barclays lowered their price objective on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a research report on Thursday, October 3rd. Twelve equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $50.05.

Devon Energy Stock Performance

The company’s fifty day simple moving average is $37.21 and its two-hundred day simple moving average is $41.76. The stock has a market cap of $20.52 billion, a price-to-earnings ratio of 5.80, a P/E/G ratio of 1.10 and a beta of 1.99. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating the consensus estimate of $1.09 by $0.01. The company had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The firm’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.65 earnings per share. On average, analysts forecast that Devon Energy Co. will post 4.79 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 annualized dividend and a yield of 2.82%. Devon Energy’s payout ratio is currently 16.33%.

Hedge Funds Weigh In On Devon Energy

Several institutional investors have recently added to or reduced their stakes in DVN. Independent Solutions Wealth Management LLC boosted its position in Devon Energy by 38.0% during the third quarter. Independent Solutions Wealth Management LLC now owns 13,781 shares of the energy company’s stock worth $539,000 after purchasing an additional 3,797 shares during the period. Principal Financial Group Inc. boosted its position in Devon Energy by 1.0% during the third quarter. Principal Financial Group Inc. now owns 731,978 shares of the energy company’s stock worth $28,635,000 after purchasing an additional 7,487 shares during the period. IMS Capital Management boosted its position in Devon Energy by 49.3% during the third quarter. IMS Capital Management now owns 18,660 shares of the energy company’s stock worth $730,000 after purchasing an additional 6,165 shares during the period. Franklin Resources Inc. boosted its position in shares of Devon Energy by 90.1% in the third quarter. Franklin Resources Inc. now owns 1,363,090 shares of the energy company’s stock valued at $58,435,000 after acquiring an additional 646,045 shares during the period. Finally, Peapack Gladstone Financial Corp boosted its position in shares of Devon Energy by 13.1% in the third quarter. Peapack Gladstone Financial Corp now owns 137,427 shares of the energy company’s stock valued at $5,377,000 after acquiring an additional 15,929 shares during the period. Institutional investors own 69.72% of the company’s stock.

Devon Energy Company Profile

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.